The EU agreed in the autumn of 2010 to tighten financial supervision in the private sector in an effort to head off any future financial crisis. On 28 September 2011 MEPs approved the so-called economic governance "six-pack" of new rules. This was followed by the "two-pack" initiative aimed at stepping up financial discipline within the eurozone, which MEPs approved on 12 March 2013. Read on to find out more about how the Parliament has been working to strengthen economic governance in Europe.
The two-pack measures are about stepping up the surveillance of eurozone members' national budgets and have more oversight of the economic policy plans of those that are in financial difficulties. Parliament wants to ensure that the corresponding Commission's powers are under democratic scrutiny.
Four of the six-pack proposals aim to strengthen the Stability and Growth Pact (SGP) and budgetary surveillance, while the remaining two focus on monitoring and controlling macro-economic imbalances within the EU.